Future Market Insights
The automobile industry plays a crucial role in the overall business cycle development of industrial growth. The automobile industry to some extent is highly correlated with the supply of lubricant. Of it, one such form of lubricant packaging which is predominantly used to suffice the demand of lubes are containers which are commonly known as cans. Traditionally metal cans were mostly used as a form of packaging which over the last decade have been replaced by plastic, containers, pails, drums, totes, etc. As lubricant market is witnessing a steady year on year growth of more than 5%, the need for a smart and efficient form of packaging is warranted. Also, advancements which are technological in nature are related to development and innovation and have led to change in design to make it more cost effective for plastic packaging of car lube container. HDPE and PET are primarily used for car lube containers owing to higher durability and cost- efficiency as compared to other plastic materials. With the rising purchasing power capacity of middle-income household, the number of new car purchased have increased which has directly pushed the demand of lubricant, subsequently the need for lubricant packaging. In terms of consumption, the car lube container market in Asia- Pacific excluding Japan region is projected to register a comparatively higher volume than the other regions, while in terms of production North America and Western Europe market are expected to dominant the global car lube container market over the forecast period.
Car Lube Container Market - Market Dynamics:
Companies such as RPC Promens, Industrial Plenmeller and other leading car lube manufacturers have enhanced the convenience of its lube container by adding a flexible spout that is used as a dispensing mechanism. This has created a mass awareness among the car lube container manufacturer, who are able to provide ease to the user, driving product penetration into the untapped market.
Some of the factors expected to fuel the demand for car lube container markets include growing demand in the steel industry which is an important component for automobile industry. Secondly, technological advancement in production of automobile industry results in cost- efficiency, ultimately triggering a high demand for lubricant packaging products. The emerging economies such as India, China, Saudi Arabia, Brazil, and Argentina are anticipated to be the key contributing region in car lube container packaging. Apart from this the factors which are expected to hamper the production of car lube container are stringent legislative regulation with regards to the use of plastic material for packaging.
Car Lube Container Market - Market Segmentation:
Global Car Lube Container market is segmented on the basis of material type and lubricant type.
On the basis of material type, the global car lube container market is segmented into, metal and plastic. The metal segment is further sub-segmented into tins and aluminum, and the plastic segment is sub-segmented into polyethylene terephthalate (PET), high-density polyethylene (HDPE), polyvinylchloride (PVC), polypropylene (PP) and polystyrene (PS).
On the basis of lubricant type, the global car lube container market is segmented into process oils, transmission & hydraulic fluids, general industrial oil, gear oil, greases, etc.
Car Lube Container Market - Regional Outlook:
Asia Pacific excluding Japan (APEJ)
Middle East & Africa (MEA)
Developing regions such as Asia Pacific and the Middle East are expected to witness a higher CAGR compared to other regions across the globe. Countries such as India, China, U.A.E., and Saudi Arabia are the key contributions for car lube container. On the other hand region of North America are among the leading regions for consumption of car lube container. Moreover, the demand for car lube packaging are anticipated to witness a strong growth in all seven regions, over the forecast period.
Global Car Lube Container Market - key Players:
Some of the players operating in the global car lube container market include Balmier Lawrie & Co. Ltd., Mold Tek Packaging, RPS Promens, Komal Packaging, and Bright Containers.
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